Most of us call the two trillion dollar Coronavirus Aid, Relief and Security (CARES) Act package by Congress a fiscal "stimulus." Perhaps a more precise way to think about it is as money being spent, not to boost the economy, but to try to freeze it in its pre-pandemic state so that individuals and businesses can emerge relatively intact. Most economist believe more funds will be needed later to jumpstart the economy. The two trillion dollar price tag is ~10% of GDP, the largest such bill passed by Congress. So what is in it? Check out this piece from NPR.
Some of the main items include direct checks to individuals and households, major changes to unemployment benefits like an extra $600 and inclusion of independent contractors, cash flow assistance to small businesses (<500 employees), loans for large corporations, payroll tax deferment, early withdrawals from retirement accounts, and more benefits for charitable contributions.
,
Some of the main items include direct checks to individuals and households, major changes to unemployment benefits like an extra $600 and inclusion of independent contractors, cash flow assistance to small businesses (<500 employees), loans for large corporations, payroll tax deferment, early withdrawals from retirement accounts, and more benefits for charitable contributions.
,
 |
| (Source: NPR) |
